(1) In determining whether a developer has
closed on a contract for sale or lease for purposes of this Rule, it shall be
relevant although not dispositive, whether and the extent to which the
developer delivered to the purchaser evidence of ownership in the association
and a lease or other muniment of title or possession; or whether a lease has
been executed by all parties.
(2)
The developer shall not close for 15 days following the execution of the
agreement and delivery of the documents to the buyer as evidenced by the signed
Receipt for Documents unless the buyer is informed of the 15-day voidability
period and agrees to close prior to the expiration of the 15 days. The
developer shall retain in his records proof of purchaser's agreement to close
prior to the expiration of said voidability period. Said proof shall be
retained for a period of 5 years after the date of the closing of the
transaction.
(3) At the time
amendments are delivered to purchasers or lessees, pursuant to Rule
61B-79.003, Florida
Administrative Code, the developer shall provide to those who have not closed a
written statement that if any of the above-referenced amendments materially
alter or modify the offering in a manner which is adverse to the purchaser, the
purchaser or lessee shall have a 15-day voidability period.
(4) At the time of closing a sale or lease
for a period of more than 5 years, the developer shall notify the purchaser or
lessee in writing stating that the developer has provided the purchaser or
lessee all amendments to items delivered to the purchaser or lessee pursuant to
Chapter 719, Florida Statutes.
(5)
After the buyer or lessee for a term of more than 5 years has received all of
the items required by Chapter 719, Florida Statutes, and these Rules of the
division as evidenced by the signed Receipt for Cooperative Documents, he may
extend the time of closing for a period not to exceed 15 days if closing was
scheduled less than 15 days after execution of contract and receipt of the
documents.
(6) If a contract is
properly terminated by the buyer or lessee, as described in this Rule, the
developer shall refund to the proposed buyer or lessee any deposit made,
together with any interest in accordance with Section
719.202, Florida
Statutes.
(7) In the sale or lease
of a unit which has been occupied by someone other than the buyer, a statement
that the unit has been occupied must be included in the contract.
(8) If a contract is for the lease of a unit
for a term of more than 5 years, the contract shall include as an exhibit a
copy of the proposed lease.
(9)
Only contracts conforming to the requirements of this Rule and the provisions
of Section 719.503, Florida Statutes, may
be utilized by a developer in connection with the offering and sale, or lease
for a term of more than five years, of a unit pursuant to the requirements of
Section 719.502, Florida Statutes. A contract shall not limit the purchaser's
remedy, for the developer's willful non-performance under the contract, to a
return of the purchaser's deposit or a return of the purchaser's deposit plus
interest.
(10) Every developer who
enters into a contract for the sale of a residential cooperative unit or for
the lease of a residential cooperative unit for a lease period of more than
five years shall obtain from the purchaser or lessee a receipt acknowledging
that he has been provided the required documents by the developer. The
developer shall itemize all items which are applicable and are to be delivered
to the purchaser. Those items to be delivered shall be those documents required
by the Division for filing during the examination period, pursuant to Sections
719.503 and
719.504, Florida Statutes. A
copy of the receipt form shall be submitted to the Division at the time of
filing. The developer shall provide the purchaser or lessee with a copy of the
signed receipt, upon request. The developer shall retain a copy of the signed
receipt for a period of five years after the date of closing of the
transaction, maintained in the official business records of the developer. Said
receipt shall include but does not have to be limited to the items listed below
in paragraphs (a)-(c):
(a) The name and
address of the cooperative.
(b) An
acknowledgment signed by the purchaser or lessee which lists the documents
which have been received by the purchaser or lessee, or as to plan and
specifications, made available for inspection.
(c) The following statement:
THE PURCHASE AGREEMENT IS VOIDABLE BY BUYER BY DELIVERING
WRITTEN NOTICE OF THE BUYER'S INTENTION TO CANCEL WITHIN 15 DAYS AFTER THE DATE
OF EXECUTION OF THE PURCHASE AGREEMENT BY THE BUYER AND RECEIPT BY THE BUYER OF
ALL OF THE DOCUMENTS REQUIRED TO BE DELIVERED TO HIM BY THE DEVELOPER. THE
AGREEMENT IS ALSO VOIDABLE BY THE BUYER BY DELIVERING WRITTEN NOTICE OF THE
BUYER'S INTENTION TO CANCEL WITHIN 15 DAYS AFTER THE DATE OF RECEIPT FROM THE
DEVELOPER OF ANY AMENDMENT WHICH MATERIALLY ALTERS OR MODIFIES THE OFFERING IN
A MANNER THAT IS ADVERSE TO THE BUYER. ANY PURPORTED WAIVER OF THESE
VOIDABILITY RIGHTS SHALL BE OF NO EFFECT. BUYER MAY EXTEND THE TIME FOR CLOSING
FOR A PERIOD OF NOT MORE THAN 15 DAYS AFTER THE BUYER HAS RECEIVED ALL OF THE
DOCUMENTS REQUIRED. BUYER'S RIGHT TO VOID THE PURCHASE AGREEMENT SHALL
TERMINATE AT CLOSING.
